Sands China and Galaxy Entertainment emerged as the primary beneficiaries of Macau’s gaming market expansion in May, with both operators gaining significant market share through strategic hotel launches and room inventory increases, according to the latest investment memo from UBS.
Sands China recorded the most substantial gains, with market share climbing 200 basis points month-over-month in May to reach 23.5 percent, according to industry channel checks cited in the UBS memo. The increase was primarily attributed to the launch of additional Londoner Grand rooms since mid-April, combined with potentially higher promotional activities. The performance brought Sands’ quarter-to-date market share up approximately 70 basis points quarter-over-quarter.
Galaxy Entertainment followed as the second-largest market share gainer, recording a 100 basis points increase month-over-month in May to reach 21 percent and 50 basis points quarter-to-date. The gains were driven by the soft opening of the Capella Hotel in early May, marking the introduction of ultra-luxury accommodations to the operator’s portfolio.
The Londoner Grand, formerly the Sheraton Grand Macao, completed a significant transformation as part of The Londoner Macao’s broader $1.2 billion renovation project. The extensive overhaul repositioned the property for the premium mass market, reducing total room inventory from over 4,000 to a curated collection of 2,405 keys, comprising 1,500 suites and 905 standard rooms. The redesign drew inspiration from London’s Mayfair district and Georgian architecture, emphasizing natural light and spacious living areas with traditional paneling, marble accents, and bespoke artwork.
Capella at Galaxy Macau is the brand’s first property in the Greater Bay Area, offering 95 Penthouses and Suites across 17 stories. Designed by Moinard Bētaille, the hotel caters to the premium and luxury hospitality segment, with features such as private pools, 24-hour butler service, and in-suite check-in. Its “Horizon Plus” premium mass rooms are located to provide easy access to gaming areas, aligning with Galaxy Macau’s broader strategy to enhance its appeal to higher-tier customers.
Meanwhile, established operators faced market share erosion amid increased competitive supply, according to the UBS analysis. Wynn Macau experienced the most significant decline, with market share falling 200 basis points month-over-month in May from 13 percent to 11 percent, bringing its quarter-to-date performance down 80 basis points quarter-over-quarter. SJM Holdings also retreated, losing 100 basis points in May to 12.5 percent and 100 basis points quarter-to-date.
Melco Resorts and MGM China both maintained stable market positions at 16 percent despite the industry’s supply expansion, with both operators recording flat month-over-month performance in May.
